NAME OF STUDENT: Maryanne King
NAME OF SUBJECT: Business Studies
NAME OF TEACHER: Miss Castello
NAME OF CLASS: Grade 9E
(A). In your books present the following Financial Statements, list the
different parts in your books. (Vertical format)
I. Trading a/c
II. Income and Expenditure Account
III. Statement of Financial Position (Balance Sheet) (25 marks)
(I) Trading A/C
VERTICAL PRESENTATION
M. Beharry Trading Account for the period ended 20 _ August 31
$ $ $
Revenue:
Sales or Turnover
Less: Turns Inwards
Net Sales or Net Turnover
Expenses:
Cost of Goods Sold
Opening Stock
Purchases
Add: Carriage Inwards
Less: Returns Outwards
Net Purchases
Goods Available for Sale
Less: Closing Stock
Costs of Goods Sold
Add: Warehouse Wages
Cost of Sales
Gross Profit (Gross Loss )
(II) Income and Expenditure Account
VERTICAL PRESENTATION
M. Beharry Profit and Loss Account for the period ended 20 _ August 31
$ $ $
Revenue:
Sales or Turnover
Less: Sales Returns
Net Sales or Net Turnover
Expenses:
Cost of Goods Sold
Opening Stock
Purchases
Add: Carriage Inwards
Less: Returns Outwards
Net Purchases
Goods Available for Sale
Less: Closing Stock
Costs of Goods Sold
Add: Warehouse Wages
Cost of Sales
Gross Profit (Gross Loss )
Othe Revenues:
Discount Received
Fees Received
Rent Received
Other Expenses:
Wages & Salaries
Discount Allowed
Carriage Outwards
Rent Expense
Telephone Expense
Net Profit (Net Loss)
(III) Balance Sheet
M. Beharry Balance Sheet as at 20 _ August 31
(Order of Liquidity)
Current Assets $ $
Cash
Bank
Bills Receivable
Debtors
Stock
Less: Current Liabilities
Bills Payable
Creditors
Bank Overdraft
Bank Loan
Working Capital (Net Current Assets)
Add: Fixed Assets
Furniture
Vehicles
Land
Premises
Plant & Equipment
Net Assets
Less: Long-term Liabilities
Mortgage
Financed By: Capital
At Start:
Add: Net Profit
Less: Net Loss
Less: Drawings
(B) From the format you provided from your research:
Goods on hand 1/01/2020 - $2,000
Goods on hand 31/01/2020 - $9,000
Warehouse wages - $1,500
Purchases - $20,000
Returns Outwards - $700
Returns Inwards - $800
Sales - $30,000
Prepare the Trading a/c Putting the transactions in their relevant places. No
calculation is needed.
VERTICAL PRESENTATION
M. Beharry Trading Account for the period ended 20 _ August 31
$ $ $
Revenue:
Sales or Turnover 30,000
Less: Turns Inwards 800
Net Sales or Net Turnover
Expenses:
Cost of Goods Sold
Opening Stock (01/01/2020) 2,000
Purchases 20,000
Add: Carriage Inwards
Less: Returns Outwards 700
Net Purchases
Goods Available for Sale
Less: Closing Stock (31/01/2020) 9,000
Costs of Goods Sold
Add: Warehouse Wages 1,500
Cost of Sales
Gross Profit (Gross Loss )
(d) J. Shaw had these balances in his ledger on 30 November 2020. Prepare the
Income Statement. Put the relevant parts together based on the format provided.
No calculation is needed. (Vertical Format only)
Capital $7,900
Sales $8,400
Purchases $9,200
Debtor K. Allum $6,000
Creditor L. Warren $6,000
Discount Received $400
Discount Allowed $500
Bank Overdraft $100
Cash $2,100
Insurance Expense $200
Rent Received $600
Wages $700
Closing Stock $1,900
Sales Returns $300
Purchases returns $400
Stock Nov 1, 2020 $48,000
Item Amount $ Goes in Income
Statement
Capital 7,900 ✖
Sales 8,400 ✔
Sales Returns 300 ✔
Purchases 9,200 ✔
Purchases Returns 400 ✔
Debtor – K. Allum 6,000 ✖
Creditor- L. Warren 6,000 ✖
Discount Received 400 ✔
Discount Allowed 500 ✔
Bank Overdraft 100 ✖
Cash 2,100 ✖
Insurance Expense 200 ✔
Rent Received 600 ✔
Wages 700 ✔
Opening Stock (Nov 1) 48,000 ✔
Closing Stock 1,900 ✔
VERTICAL PRESENTATION
J. Shaw Income Statement for the Year Ended 30 November 2020
$ $ $
Revenue:
Sales or Turnover 8,400
Less: Sales Returns 300
Net Sales or Net Turnover
Expenses:
Cost of Goods Sold
Opening Stock (Nov 1, 2020) 48,000
Purchases 9,200
Add: Carriage Inwards
Less: Returns Outwards
Net Purchases 400
Goods Available for Sale
Less: Closing Stock 1,900
Costs of Goods Sold
Add: Warehouse Wages
Cost of Sales
Gross Profit (Gross Loss )
Othe Revenues:
Discount Received 400
Fees Received
Rent Received 600
Other Expenses:
Wages & Salaries 700
Insurance Expense 200
Discount Allowed 500
Carriage Outwards
Rent Expense
Telephone Expense
Net Profit (Net Loss)
(E) From the following Trial balance below prepare a list showing the
following items belonging to each of the following sections: (vertical format
only)
I. Non- Current (Fixed Assets)
II. Total Current Assets
III. Total Current Liabilities
SECTION ITEMS
Non-Current (Fixed) Assets Plant and Machinery
Motor Vehicles
Long-term Investments
Total Current Assets Accounts Receivable
Closing Inventories
Insurance Prepaid at Year End
Total Current Liabilities Accounts Payable
Bank Overdraft
Miscellaneous Expenses Owing at
Year End
NIL Cost of Goods Available for Sale
Sales Revenue
Insurance Paid
Interest Expense Paid
Salaries and Wages Paid
Miscellaneous Expenses Paid
Mortgage
Opening Capital
VERTICAL PRESENTATION
Classification of Items from Trial Balance
Details Amount $
Non-Current (Fixed) Assets
Plant and Machinery 163,450
Motor Vehicles 37,000
Long-term Investments 38,580
Total Non-Current Assets 239,030
Current Assets
Accounts Receivable 24,550
Closing Inventories 8,070
Insurance Prepaid at Year End 1,070
Total Current Assets 33,690
Current Liabilities
Accounts Payable 6,180
Bank Overdraft 3,910
Miscellaneous Expenses Owing at 4,220
Year End
Total Current Liabilities 14,310
